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mars1129 [50]
3 years ago
9

If the supplies on hand at the end of January totaled $500 and the Supplies on Hand account before adjustment is $900, what shou

ld be the adjustment at month-end
Business
1 answer:
Natali5045456 [20]3 years ago
4 0

Answer:

The adjustment at month-end is :

Supplies Expense $400 (debit)

Supplies $400 (credit)

Explanation:

The Supplies Account is an asset Account that decreases as the supplies are used in the business.

The use of supplies prompts the recognition of an <em>expense</em> and de-recognition of an <em>asset</em> as follows :

<em>Supplies Expense $400 (debit)</em>

<em>Supplies $400 (credit)</em>

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suppose the following two events occur in the domestic market for radiologists: a. some hospitals are outsourcing some radiology
Zolol [24]

Answer:

The equilibrium quantity falls and the effect on the equilibrium wage of radiologists is indeterminate.

Explanation:

Here are the options to this question :

What is likely to happen to the equilibrium wage and quantity of radiologists following these twoevents?

A) The equilibrium wage and the equilibrium quantity of radiologists fall.

B) The equilibrium quantity falls and the effect on the equilibrium wage of radiologists is indeterminate.

C) The equilibrium wage falls and the effect on equilibrium quantity of radiologists isindeterminate.D

) The equilibrium wage and the equilibrium quantity of radiologists rise

As a result of event A, there would be a decrease in the demand for radiologists. As a result, there  would be a leftward shift of the demand curve for radiologist. This would lead to a reduction in equilibrium price and quantity

As a result of event B, there would be a decrease in the supply radiologists. As a result, there  would be a leftward shift of the supply curve of radiologist. This would lead to a reduction in equilibrium quantity and a rise in equilibrium price.

Taking these two effects together, the equilibrium quantity falls and the effect on the equilibrium wage of radiologists is indeterminate.

3 0
3 years ago
Variable manufacturing overhead incurred was $245,000. Fixed manufacturing overhead incurred was $373,000. Actual machine-hours
steposvetlana [31]

Before information shows is the correct and complete question.

The Lopez Company use a standard costing in its manufacturing plant for the auto part. The standard cost of particular auto part based on a denominator level of a 4.000 output unit per year. included 6 machine-hours of variable manufacturing overhead at $8 per hour and 6 machine-hours of fixed manufacturing overhead at $15 per hour.

Actual output produced was 4.400 units.

Variable manufacturing overhead incurred was $245.000.

Fixed manufacturing overhead incurred was $373.000.

Actual machine-hours were 28.400.

Prepare the analysis of all variable manufacturing overhead and fixed manufacturing overhead variances.

Additional diagram attached to this question is displayed in the first image below.

Answer:

Explanation:

By using a columnar method, the analysis of all the variance & fixed manufacturing overhead varaince can be computed as follows:

Variable manufacturing overhead analysis:

Actual cost Incurred: ║ Actual input ×  Budgeted ║ Allocated: Budgeted

Actual input × Actual     rate                                        Input for actual output

rate                                                                               × Budgeted rate

245000                         28400×$8.00 = 227200      (4400×6hrs×$8)

                                                                                      = 211,200

                17800 U                    16800  U

            Spending Variance      Efficiency Variance

                                      33800 U

                                Flexible Budget Variance

Hence;

The spending Variance = $17,800 U

Efficiency Variance  = $16,000 U

Flexible Budget Varaince = $33800 U

where;   F = Favourable  & U = Unfavourable

<u>For the fixed Manufacturing Overhead:</u>

Actual cost Incurred: ║ Flexible Budget Lump ║ Allocated: Budgeted

Actual input × Actual     sum regardless of the    Input for actual output

rate                                 output level                     × Budgeted rate

                                                                             

373000                        4000×6hrs×15 = 360000  (4400×6hrs×$15)

                                                                                      = 396000

13000 U                                   36000  F

Spending Variance/               Production-Volume

Flexible budgeted variance   Variance

                                                 23000 F

                                        Over allocated fixed

                                        Overhead

Hence;

The spending Variance = $13000 U

The production Volume Variance  = $36,000 F

Over allocated fixed overhead = $23000 F

where;   F = Favourable  & U = Unfavourable

NOTE: To have a better view of the above computation in a table format, refer to the second and the third diagram in the image below.

8 0
2 years ago
_____________ include all of the groups and/or individuals affected by a decision, policy, or operation of a firm or individual.
jeka57 [31]

Answer:

<u>Business ethics.</u>

Explanation:

Business ethics is the set of ethical and moral principles that exist in an organization to regulate its activities, actions and decisions that occur in the organization. The set of ethical values ​​is directly determined by the organizational culture, and should be shared with all employees and organizational levels, as it is the business conduct of the company.

When well-established, corporate ethics ensure and motivate positive behavior, enhance a company's reputation and ensure its safety in the marketplace.

7 0
3 years ago
River Falls Manufacturing uses a normal cost system and had the following data available for 2018: Direct materials purchased on
PtichkaEL [24]

Answer:

The ending balance of work-in-process inventory is $64,000

Explanation:

Opening Raw Material = $34,000

Opening WIP Inventory = $70,000

Opening Finished Goods Inventory = $55,000

Raw material purchased = $148,000

Raw materials requisitioned = $88,000

Closing Raw Material = Opening + Purchase - Requisitioned

= $34,000 + $148,000 - $88,000 = $94,000

Closing Finished Goods Inventory = Opening + Cost of goods produced - Cost of goods sold

= $55,000 + $299,000 - $250,000 = $104,000

Expense total incurred on goods entered for production = Material requisitioned + Labor cost incurred + Factory overhead

= $88,000 + $127,000 + $148,000 = $363,000

Out of which cost of completed goods = $299,000

Thus remaining is work in process = $363,000 - $299,000 = $64,000

That is Closing WIP Inventory = $64,000

Note: It is obvious that the expense of labor and overheads incurred in this period includes expense incurred to convert opening WIP in to finished goods and the balance is closing WIP.

The ending balance of work-in-process inventory is $64,000

5 0
3 years ago
On October 1, Vista View Company rented warehouse space to a tenant for $3,600 per month. The tenant paid five months' rent in a
Damm [24]

Answer:

The adjusting entry needed on December 31 is:

Debit Unearned Rent revenue $10,800

Credit Rent Revenue $10,800

Explanation:

Following the Accrual accounting - an accounting method that revenue or expenses are recorded when a transaction occurs rather than when payment is received or made.

The tenant paid five months' rent in advance on October 1. From October 1 to December 31, Vista View Company had rented warehouse space to a tenant for 3 months.

The adjusting entry needed on December 31 is:

Debit Unearned Rent revenue $10,800  ($3,600 x 3 = $10,800)

Credit Rent Revenue $10,800

7 0
3 years ago
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